Zenoti, a Bellevue company that makes cloud-computing software for managing spas and salons, announced Tuesday it has raised $160 million in new funding this month.
The new investment round, led by Advent International, pushes Zenoti’s valuation past $1 billion into so-called unicorn status, the company said. Zenoti has raised $250 million since its founding in 2010.
Zenoti’s software automates operations — including payroll, employee scheduling and tip disbursements — for 1,000 brands in more than 50 countries; Puget Sound-area customers with multiple outlets include Rudy’s Barbershop, InSpa and Sugar Plum.
The company will use much of the new funding for research and development, including innovations focused on artificial intelligence, Dheeraj Koneru, a Zenoti co-founder and senior vice president of global sales, said in an email.
“Going into 2021, we intend to launch additional automation for businesses such as dynamic surge pricing to maximize revenue, inventory automation, marketing automation and customer retention,” Koneru said.
Zenoti also plans to boost its employee count from 600 now to more than 900 next year, Koneru said. Beyond its Bellevue headquarters, Zenoti has offices in India, Britain, Dubai, Malaysia, the Philippines and Australia.
The company declined to disclose its revenue or whether it’s profitable, but it said its revenue is on track to double this year.
This year’s pandemic has given Zenoti a boost as spas and salons have sought more touchless technology — Zenoti’s software can automate customer check-ins and payments — amid heightened consumer concerns over safety, the company said.
“The wellness industry is ripe for disruption, particularly as COVID-19 has made it more important than ever to eliminate unnecessary face-to-face interactions wherever possible,” Eric Wei, a managing director on Advent’s technology team, said in a news release.